Like many other people here in California, you may be working on supplementing your retirement fund. As part of doing so, you may rely on investments to grow your money faster than it would in, say, a savings account. This means entrusting your hard-earned money to someone you barely know.
You relied on your broker to make responsible decisions regarding the investment of your money. You figured that he or she possessed the expertise and knowledge required to handle that job. Otherwise, you may have simply made investments on your own.
If you are among the many California investors who has concerns about the safety of the investments you make, you may take comfort in knowing there is an agency looking out for your well-being. The Financial Industry Regulatory Authority, Inc., works to protect you through education, discipline and enforcement.
To say you are having a bad day is putting it mildly. Your investments have gone south, and you are running the gamut of emotions -- dread, disappointment, frustration, anger. Maybe you were counting on these investments to carry you through retirement, or you had plans to take a trip or start a business with your gains. Maybe you just lost your life's savings.
Most insurance agents just want to make a living as you do. They want to put in their hours, go home and draw a paycheck. Sadly, like any other profession, some bad apples do exist — individuals who prey on the trust of innocent people.
When it comes to making your money work, you face many challenging decisions. The world of investments is complex and can be confusing. Not only does this provide many opportunities for making mistakes, but it also leaves you vulnerable to unscrupulous financial advisors who are willing to use your uncertainty to their own advantage.